Rio Tinto 2Q Iron ore shipments +14%

Company News

by Anna Napoli

Mining giant, Rio Tinto (ASX:RIO) has announced iron ore shipments for the second quarter of 2018 were 14 per cent higher than the prior corresponding period at 88.5 million tonnes.

Bauxite production lifted 3 per cent on the same time last year to 13.3 milllion tonnes.

Rio says iron ore shipments benefitted from better weather and improved productivity across the system, while bauxite was up due to operational improvements and firm demand.

Aluminium production went the other way sliding 3 per cent on the same period last year.

The miner says cost inflation is being experienced, particularly within the aluminium group with higher raw material costs.

RIO Tinto CEO, J-S Jacques said the company’s increasingly flexible Pilbara iron ore system continued to perform well.

Shares in Rio Tinto (ASX:RIO) closed 0.54 per cent lower to $79.41 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.